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London, Greater London, United Kingdom, 2007/03/13 - Ascension Securities Ltd are pleased to announce that they will be acting as corporate advisers to Bushveld Platinum Plc, which was incorporated in July 2006 in order to acquire and develop Platinum Group Metals mining exploration properties.
Incorporated in July 2006 in order to acquire and develop Platinum Group Metals mining exploration properties in the Bushveld Complex of South Africa.
The Bushveld Complex is renowned for the continuity and economic importance of its mineral deposits. It contains a large proportion of the world's resources of PGMs and accounts for the majority of worldwide PGM production.
PGMs are platinum, ruthenium, rhodium, palladium, osmium, and iridium. They are metals which are elements with similar physical and chemical properties.
the Company has entered into an option agreement with Ridge Mining (Pty) Limited, a subsidiary of Ridge, pursuant to which it is entitled to acquire three properties (the Projects), two of which are regarded by the Directors as potentially having significant PGM resources, and the third as being potentially a significant base metals deposit with PGM credits.
• Red Bush Ridge is a deposit located in the Eastern Limb of the Bushveld Complex close to Impala Platinum's Rhodium Reefs project and to Anglo Platinum's Modikwa project and Modikwa mine. It a deep deposit with a potential mine depth from 1,900m. It is believed to have potentially significant resources of PGMs located in both the Marensky Reef and UG2 reef with potentially recoverable PGMs of over 30 million ozs. A deposit of this size would enable the development of, in relative terms, a medium sized PGM producer.
• Rooikraal lies in the Loskop lobe of the main Eastern Limb of the Bushveld Complex (about 150 km to the South West of Red Bush Ridge) and adjoins Ridge's Blue Ridge project. It is a surface deposit of unusual geology which has made a determination of its resources difficult to make. The Competent Person has expressed the view to the Company that the geology can be modelled with further exploration and that the deposit has potential for hosting significant PGM resources principally within a Marensky Reef type deposit.
• Fonte Verde is located outside of the main Bushveld Complex within a satellite intrusion to the south of the Complex. The deposit is believed to be over 50 million tons containing low grade Nickel, Copper and PGMs, and has the potential to be developed into a substantial base metals mine.
The Company believes that each of the three projects has the potential to underpin the creation of a sizeable mining company, and that the Red Bush Ridge and Rooikraal projects by themselves would give the Company the potential to develop into significant Platinum focussed mining house.
The Company has an experienced Board and team of consultants who together have substantial mining, finance and legal experience and expertise, including in relation to mining in SA, and the listing of companies on AIM.
Mr Terence Negus (aged 53) (Interim Managing Director and Finance Director) - Terry qualified as a Chartered Accountant in 1976. He remained in private practice until 2002, the final 10 years as Senior Partner of a substantial provincial practice. In 2001, he was appointed as a non -executive Director of AIM-listed Propan Homes, stepping up to Finance Director in 2002. Subsequently, the company acquired the larger, privately owned Honeygrove group of companies and changed its name to Honeygrove Group. Terry resigned in 2005 after the company was itself acquired by a larger listed competitor. Since 2005 he has concentrated on private business interests. Terry is a director of Tau Resource Finance Limited which operates the London office of the Tau Group (see Consultancy Arrangements in South Africa below).
Mr Richard Stanton-Reid (aged 48) (Executive Director) - Richard qualified as a UK lawyer in 1985, and has many years experience in the field of public companies. From 2001 to 2005 he was a partner in the London law firm of Kerman & Co where he was the lead partner in the listing of several companies on AIM, including natural resources companies. He has also been in business, including the trading of stainless steel between the USA and the Pacific Rim. He is presently the Managing Director of Amber, where he is in charge of its various mining property acquisition, exploration and operation activities.
Mr Mark Murphy (aged 48) (Non-Executive Director) - Mark has 27 years of experience as a primary broker and trader of multi currency fixed income and equity products. As an equities broker he has focussed on the mining industry and will bring valuable experience to the Company, as well as contacts with brokers in London.